Arizona never implemented the draconian measures that have failed CA and has generally remained open for business meaning one of the lowest unemployment rates in the nation.

The term risk is not applied to the maturing of the asset, it is measured on the when in this investment.

They came out took measurements, ordered windows, came back 4 weeks later, removed old windows and installed new ones.

In this case, the internal rate of return becomes a more valuable measurement than a rate calculated from a single payment for the Yield.

I would be aware though that the same residents that got Measure T passed in the city are now working actively to get the county board of supervisors to pass stricter regulations in the county as a whole.Currently there are two 4bd homes for sale in the tourist core.

The results of several sources provide information about the likely variability of revenues (a measure of risk) and guidance on revenue potential.  

Historically, stocks have a higher return if measuring stocks appreciation vs home appreciation.

Measure windows.

In order to account for the cost/risk of your rental payment, I would measure it based on ($ cash flow)/($ rent).

It doesn’t sound like you had defined criteria going in which would help you measure if this is still a good or bad investment for you.